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The Willis Report

News/Business. Host Gerri Willis.

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  FOX Business    The Willis Report    News/Business.  
   Host Gerri Willis.  

    May 13, 2013
    9:00 - 10:01pm EDT  

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in something hume like this, it does not help the economy or markets, get ready for power. see you tomorrow. gerri: tonight on "the willis report" the irs abuses of power scdal widens. >> this is something people are properlyoncerned about >> questions about the government targeting conservative groups. is too much technology making us stupid? we have the details of new research. the best way to navigate the market our panel of financial experts answers our questions. tonight on "the willis report." gerri: the irs over reach is
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the top story. the agency tops one negative -op groups and whether the independent agency is becoming a stronger arm for the obama administration. the president goes on the defense calling it outrageous. >> the irs as an independent agency requires absolute integrity and people have to have confidence they are applying it in the non-partisan way. of the laws in a non-partisan way. you should feel that way regardless of party democrat or independent or republican gerri: the hou will investigate with of friday's hearing with kevinrady of texas and a member of that committee. welcome back. good to see you. r this taxpayer hearing a political group was getting
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additional scrutiny sent a chill down my spine. i was shocked. what you make of it? >> the same here. i.r.a. strikes fear in the hearts of law-abiding families and businesses and the thought they may be targeting you based on your political leanings is frightening. and it is troubling this could be occurring over two years that despite congress repeated attempts to get to the bottom of it the irs has denied this occurred even the white house was so there is a lot of questions. gerri: there is. the white house spokesn said with the road of irs agents thatis clearly not true the clothes you get to this story and it seems it goes further up the chain of command. how far do you think it goes ? >> i don't know b my experience with the irs is
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this is not something a low or mid-level employee will launch. is a controversial program someone had to approve it from a much higher level and clearly where they just targeting conservatives? the other polital ideologies as well? and why was everyone kept in the dark for so long for suchroubling behavior by the government? we would get to the bottom of this and start with the hearing on friday. gerri: i want to read a statement that the commissioner made about this topic. >> can you give us assurances the iras are not targeting particular groups based on political leanings? >> absolutely no targeting. this is the back-and-forth that happens when people apply for the five '01 c for
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status. >> a lot of excuses but no swers. and originally the targeting was with the tea party in meaning and pager in the name but will let you make of that? >>y some reports the iris new within weeks of that testimony targeting had occurred at the highest levels in some indications they knew one year before that statement was given so we will go after that but a lot of questions did they target progressives or green or environmental? [laughter] they did not say that's it just scares me because if is administration can target you they can target anybody in any administration simply because of what you believedd3 gerri: that is a legal. the irs cannot do that.
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correct? >> absolutely not. it is abuse of power. of this just isn't a political issue but it ought to concern everybody regardless of their political beliefs. the power to tax is the power to destroy why the irs for eaton's so many people we should be the most neutral independent agency in government and it shows that it is not. gerri: congressman brady thank you for joining us. thank you for yourime. now what you think? does the irs have the enemies list? log on and vote on the right-hand side of the screen. i will share results at the end of the show. another arm of the federal government appears to be overstepping its bounds. the associated press reports its reporters were the target of a broad investigation by the justice department.
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detailed phone records of reporters were secretly seized by the government and peter barnes has a breaking story. >> the ap says the justice department is secretly obtained list of incoming and outgoing calls for the work and personal phone numbers of individual reporters new york, washington d.c. and hartford connecticut last year for two months. they seize the records from more than 20 telephone lines in april and may of last year and in a letter to letter attorney-general holder they protested and demanded the return that there could be no possible stification for such an over a broad collection of telephone communications of the ap and reporters. these potentially reveal communications with confidential sources across all news gathering activities undertaken by the ap during a two month period providing a road map to the ap news gathering operations
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the justice department would that say why it sought the records the officials previously said u.s. attoey in washington d.c. is conducting a crimin investigation to may have leaked infmation contained in the may 2012 story abt a foiled a terrorist plot. the justice department is supposed to follow specific rules to see the records for exampl a string subpoenas only after it has taken all reasonable attempts to get the same information from other sours. gerri: every betty snoopin on everybody else. wow!. great reporting. the big consumer news story the way watch tv is changing ain a first time ever abc streaming live signal to smart phones and other mobile devices it is expected to announce a change tomorrow. here to break this down is jeff roberts.
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thank you for coming on again. how will this work? l devices or appell? >> starting with appell and i suspect by fall and will be other devices but it means you can walk down the street with your iphone and watch abc shows and realtime. the first time a major network has stam directly to mobile devices. gerri: we have seen other companies stream like aero but nothe others they are breaking ground. but they may not stream all programming? >> to be licensing is complicated and chopped up everybody licensed to someone else. maybe not all shows but most of them. it is a big step. gerri: do you have to have cable? >> of first it is free for everyone as a sample period then after that you have to
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show the you have a cable account. gerri: i would think if abc is doing this other networks would follow suit. is this is something bigger? back there worried that competitors streaming any show $40 per month now ty realize consumers want to get their shows live. gerri: without commercia is another part of the equation. coulde b what we want when we wanted? >> consumers wanted and senator john mccain try to introduce a new bill to allow us to buy the channels we want because now we have to buy 200. so many more rational packages so they can watch what they're one and when theyan. gerri: some content comes fr not flex like hse of cards how does that disrupted the status quo? finin just changes how and where we watched beddoes
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amazon, and the flex it just pushes more and they love tv and one technical question how do they measure ratings if they dn't have the usual cable box? >> that is what is holding it up nielsen's system is becoming less relevant as people watched on more devices they are figuring of technology to measure but nobodyill agree to the standards and that is what advertisers are waiting for a. gerri: good to see you. >> a pleasure. gerri: more to come including a new way of looking at college and if it is really worth the cost. another uninnded consequence of obamacare as cancer treatments become all but impossible as cost for certain drugs skyrocket. certain drugs skyrocket. we will have the latest.
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gerri: via rages cosbile obamacare is mounting and the sickest of the hardest-hit. patients will be forced to pay more for the cost of expensive drugs used do treat in did -- conditions aicher matured one negative rheumatoid arthritis a cancer. joining us now is dr. siegel. how did obamacare screw this up? >> at the heart is obamacare allows states a lot of leeway and some are saying we know the premiums will go sky high when we start loading of with people with pre-existing conditions people with cancer with rheumatoid arthritis and diabetes premiums will go sky high california says start note -- are now and
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pay out of pocket for specialty drugs like cancer treatments i have to say it but it is called targeted their p because we don't need them thank god that those said to our small percentage of the population. it is heartless. gerri:i: listen to what obama said on mother's day about obamacare. >> because of this law there are llions of other americans moms and dads and daughters and sons who no longer have to hang their fortunes on chance. we're not going to inflict the hardship on the american people again. united states of america does not send its people to sufferust because it all makenough to buy insurance on the private market. gerri: that sounds at odds with this jury today because it is cancer patients who will be footing the bill and picking up the tab somebody has to pick up the tab.
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>> that is a great mother's day message and everyone gets insurance but people cano see me with a common cold now more can see me that don't need to see me in their 30's. they have to pay high premiums to get this policy but once they have it they have unrestricted access if they can get me and i i am available but if they get sick they may find they cannot afford the drugs in one study shows one ad for cancer patients with a $500 co-pay will walk away without treatment. gerri: that is astonishing even the insurers say premiums will double and we were promised this would help with medical costs but it seems just the opposite is happening. >> in your state covering conditions for more than a decade we have one of the highest premiums in the country because it cost a lot to take care of sick people and have them pay the
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same and use the insurance whenever they want. that is not the solution that would be more health savings accounts. gerri: stock about a cancer drug to thousand dollars a month out of pocket cost in california that is what some folks are facing. >> that is $24,000 per year in this drug which is amazing to has been around for a decade. imagine a drug that is $90,000 per year in canada's socialized medicine you cannot get it because they rule against it because it is so expensive this is where we're headed where people have a treatment a personalized medicine works for one person and not for another but that person will have to pay a fortune. gerri: unintended consequenc is amazing. thank you for coming to explain. time for a look of the stories on fox business., and wal street
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flat as investors took a breather after the record highs last week. strongerhan expected retail sales ke the decline in jack. united continental says budge reminder could be back on schedule as earl a next week. boeing is continuing to work to make sure it needs new aviation standards after the faa groundedhe fleet after to battery fires. the editor ichief of bloomberg news apologizing for aer journalist had access to private data on clients through the terminals for traders. of federal reserve is so investigating and the first report declares the city is broken negative ris of completely running out of money. that employees don't get paid and losing pensions and municipal servicesould be cut. they say they have enough to lasthrough the end of the year but then bankruptcy is
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the on the option. those are some of the hot stories right now on fox business stock. we have more coming our panel tells you how to invest in our the stops pumping of the market? and how high cost and low job prospects may have your kids thinkin twice about gog. ♪ thank you orville and wiur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to theast. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the fest coorts above. we're not simply salutin history... we're making it.
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siemens. answers. ♪ (tra horn) vo: wherever our trains go, the economy comes to lif norfolk southern. one line, infinite possibilities. gerri: were students leaving college with massive debt and no degree a
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gerri: college graduates facings skyrocket dead and an employe nizolek is the degree where they? joining me now is author of college unbound. welcome to the show. in your new book you say that college system is broken. why? >> basically only half the students that enter llege actually graduate. 400,000 drop out of every year hamas and many are there and not quite surehy they're there and many graduate with debt and a lot of it. gerri: the point* that i picked up was 43% of all grades are letter a? wh ever happened to the grading curve? >> mainly because there is
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the consumer mentality that has taken over with higher education as prices have gone up students and parents say eyes pay a lot of money to come here my students should not get the deal or the f professors trying to keep their jobs especially as more or part-time professors what good reviews gerri: and higher education is big business bringing in 500 billion each year with 43 and a half million people holding 990 billion of assets but what you might think of of the privatization of education is n benefiting students. >> know we he seen a huge draw back from the states giving many whites to which -- tuition has give gone up with 80 percent of americans but but it has benefited the institutions themselves they essentially operate athletic facilities, theaters and are
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near the cities but it has gotten away from the core of the product that is education. gerri: you say they are headed to a whole new system ? >> basically it is the unbundling just like cable television industry where students can move between institutions and providers in a way they cannot do today and can transfer creditin a way that they can put together a dege for multiple players and multiple institutions. >> no doubt they can take glasses online, hybrid classisummer online and there is a move what is happening to competency based education rinaldi base the degree on how much time you spent in this seat for years to get a bachelor's degree but those that are
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experimented with a competency based if you move something you move on its focus on what you don't know to get your degree. >> that is reinventing college for sure. pele should read it for sure. thank you for coming. some of the record breaking college cost pays for their record high salaries the median compensation for public colleges is up 5% during the 2011 school year and exported $41,000 and a lot of it comes from taxpayers. who is taking home the salaries? this is the top five. the president of indiana aaron shy of $1 million. president of george mason since a nod is six to a
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palm close at $2 million for a number three the highest base salary of total compensation justness $2 million mark. never to the president of auburn to me to point* 5 million and number one highest-paid public university president is penn state university who left his position during this sandusky scandal and is being investigated himself even only in the job a few months he still made almost $3 million. is in the healthier fast food alternative? all good things must come to an end but what should invent -- investors do? do with us. with the spark miles card from capital one, bjorn earns unlimited rewas for his small business take theseags to room 12 please.
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gerri: the stock market on fire and you could argue it is thanks t aggressive moves by the fed. what happens to your investments when this big it is turd off? accordin to the wall street journal of plan is in place womack federal officials have mapped out a strategy for winding down the unprecedented $85 billion per month bond buying program according to "the wall streejournal". >> they plan to reduce the amount of bonds they buy in halting steps. joining me now is steve crowley, he dave and alan author of you can never be too rich. you told our producerof this report carries a lot of weight with investors? >> people will see that as indication from the fact what they do on the preannounced sis but keep
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in mind the fed can try to move the market without necessarily doing anything with a change in policy perspective just to see investors with a certain direction and we're at a point* we want to see activity in the mortgage refinancing area and one to seek cfirmation the economy will mov towards progressivelbetter numbers in it want to motivate that. >> views said fed easing is what we feared what are the potential downsides? >> they have to be very cautious and that have been so all the time. he may want to put it in stop-loss but if youant to buy a stock is $65 knu buy it at $50?
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then you could buy it at a lowerrice. >> i always have a shopping list. a survey of economists said the third or fourth quarter this year nobody expects the fed to boost the purchase would you make of this story and how you tell your clients to react? >> three things to make the fed raise rates of unemployment at six by 5%, and pick up in the economy and also inflation were not seeing those right now so i tell people there is some risk but don't jump to conclusions so fast. gerri: with this economy is and what it is cracked up to be.
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>> right now we look at durable-goods orders as the s&p moves high they're moving lower copper moved lower standard of the indicators of activity are not showing so weee some weakness of the 10 '04 20% decline and that could be orchestrated that the fed will take a foot off the pedal to. gerri: to agree wit is 20% decline? >> it is possible a certain percent even without the fed backing off but i would be cautious and set the stop-loss and stick with the dividend paying stocks and i'd like those resource stocks as the prices back off i am a buyer. gerri: they are elected to get involved in just as they start to here comes the 20%
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sell-off? >> people investing in good quality things have awell diversified portfolio. stick with it withou have the me or forecast will not time the market and stay with it. >> unfortunately quality will not protect you this enronment to initiate a position at the is in the 500 at these levels if you look at the 10 year rolling average at theultiple you're lking at 2% return over a decade if you want to take risks for 2% return factoring inflation is a deadly number that is what you are signing on for. >> as somebody is trying to predict the market which nobody cando all the life understand wh he is saying i also think as long as you
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understand where you're going and what you're doing with your money should not panic and should not digress or retrieve because once you reach three after 20% decline in the worst we have seen right around the quarter is a great increase. gerri: that is a good question. if we do have a pullback on the said than the market recover quickly? that class pullback after the financial crisis was a doozy. don't want to do that again. >> it could take a long time but the indicators to improve i interviewed templeton at his own peace of all his money was made up buying at the lowe's and sell high that was is a vice back then in the '80s gerri: a full negative figure out what that is. thank you for coming. a real pleasure. you did a great job.
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political analysts pointing of president obama may be facing a second term curse. first the failed gunboat than the night north korea cyber rattling and leading fund behind in syria then benghazi now the irs and we cannot forget the headlines on obamacare as lou dobbs point*ut. >> the essenti tenets of obamacare putting people onstage based insurance exchanges that were set to open october 1st but the states themselves do not want them. the federal government has to help or run completely 33 of those excnges. big insurers don't want it a part of this deal. united health, the nation's largest insurer said it will join no more than 25 exchanges may be as few as
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10. talk about a train wreck. gerri: definitely. he joins me now. what about tonight? >> obamacare because the irs is in charge of forcing -- and forcing obamacare to make sure the trn wreck arrives on time but the irs is now involved of the train wreck that they singled out conservative groups for scrutiny before the 2012 election. tonight we will show you how far the scandal reaches and why it rifles watergate with young rages abuse of power by this administration. gerri: i have for this before thank you for your time when we come back our -- are smart phones making new dumber and the $5 footlong worse than of big mac?
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gerri: subway says it is a healthy option although they're not much healthier an mcdonnell's and with us is a registered dietitian and creator of the bog mom dishes it out. i thought it was healthier by definition? >> if you eat something three times peray you can calorie control but everyone i thin they are eating the
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12-inch sandwich. gerri: the comparison is between subway and mcdonald's and they took in 100 people between the ages of 12 and 21 to pick what they wnted to eat and that the calories are the same. >> but the standard is they we close at 1,000 calories whether a mcdonald's burger was 500 calories but then so that and fries added on the additional calories of some is going to a subway going to the 6-inch sandwich and then they could gepast that it is not the fries but the foot long sand which. gerri: you have to think i am gaining pous looking at this but with mcdonald's
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the extra calories are really the french fries and drinks. >> decides where as subway they have healthier sis like carrots or big chips or apple slices behalf to choose a small sandwich. gerri: one example is subway big philly cheese steak. 1,000 calories. mcdonald's big mac has about half of that. a big difference is if you eat fast food is difficult to make the right choice but where are you more likely to find healthy choices? >> at a subway they have fresh fit a 6-inch sandwich with apple slices and a water for your kids you could get t fresh it kid which only has 500 calories and which 1 percent milk and apple slices. you do have those choices plus a veggie delight
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370 calories. gerri: i will show you. bring me the updated chips. when i go to subway i get a fantastic two and a fish 6-inch with a whole wheat bread amadis tomato i put the sweet peppers and some olive oil and vinegar and salt and pepper then i finished it off with lay's potato chips. am i way over my accountor the day? >> you are way over everything for your particular meal. [laughter] sorry toak the news if you need this and which without cheese or any other side as long as it is 6 inches you could be okay. gerri: i plant provolone cheese. >> but if you recalcula the sand which online it is
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half with provolone eye on the added 50 calories but for me it is 100 calories. maybe it is a mistake. gerri: i a very sad about my sandch now. my $0.2 more and the generation that saves the most and the current generation is distracted by technology and how multitasking is taking a toll on your brain cells but not your taste but -- tastebuds. ♪ thank you orville and wilbur...
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...amelia... neil anduzz: for teaching us that you can't crte the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it.
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gerri: are we do distracted?
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gerri: as busy americans a year used to juggling different things while causally connected to our smart phones and other electronic gizmos but does the multitasking makes us stupid? there have been some scientific questions in the pressor here ran the study from the behavioral research center joins us now. great to have you here. this is a fascinating
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question whether we lose track of evething because we try to keep up with everything. how did you study? >> we had to dispense complete a simple task to answer questions however some participants were interactive by the researchs asking additional questions with instant messaging and and some are not. gerri: doesn't matter how long you are interrupted? >> it does. in that particular study we did while we found is they were asking questions were performing worse and it would be expected to the unexpected results came with
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the second task when some tasks were interrupted and others were interrupted before expected to be and what we found for those subjects we saw their performances. gerri: not think people would expect the results you sit there and you are waiting to be interrupted so you could multitask better so why is it people performed that better? >> we believe it is the test this he will stay more focused you allocate more energies and ability of your brain bause you are alert and the interruption does not arrive he does not have the increasing performance but you have to gain
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performance because you are more alert. gerri: help me i am forced to multitask how do i do in a way that i don't completely lose my mind or become dumber and dumber? >> my id vice is do not believe your great doubt multitasking. we tend to become overconfident and our ability to multitask it us are energies because we have to switch between the different tasks if we are aware of that if we start of the being we are great at multitasking that is in the problems start. gerri: i suspected that all along. thank you for coming on.
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great to have you on the show. now this date in history 1958 the velcro trademark was registeredginally people refuse toake the idea seriously but then iran products for display at new york fashion show and the first game when used in the aerospace industry helping astronauts maneuver in and out of space chute-- spacesuits it held together a human heart during the first artificial heart surgery it is so strong that it to ensure square piec could support 175 lb%. the trademark was registered today may 13, 55 years ago. we will be back with the answer to the question of the day. does the irs have been enemies list. are you want it? a new survey toshow which generation is better at saving.
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baby boomers? stay with . stay with . ♪ you hurt my feelings, todd. i did? when visa signature asked everybody what upgraded experiences really mattered... you suggested luxury car service instd of "strength training with patrick willis." come on todd! flap them chicken wings. [ grunts ] well, i travel a lot and umm... [ male announcer ] at visa signature, every upgradedxperience comes from listening to our cardholders. visa signature. your idea of what a card should be. visa signature. are you still eeping? just wanted to check and make sure that we were on schedule. the first technology of its kind... mom and dad, i have great news.
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is now proding answers families need. siemens. answers.
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gerri: president oba says that irs should never be anything less than neutral, will do you thk that irs has an enemy's list. robert writes, looks like it. time t clean house, and send leadership to prison. >> scott says, i have one. and they are on it. that is cute. >> we like this one. 98% said, yes. said no. be sure to log on for on-line question every weekday, and we're looking some of your e-mails, bruce from colado writes, unions should not be involved with our children's education, and jerome from alaska agrees, said, i love your show, keep up the great work on
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importantopics like unions. >> and patricia from nevada said i worked for federal government for 25 years i would not trust them with any information beyond what is essential. we love hearing from you, send me an e-mail. and finally, we told you about a survey that most of you at home agreed it, folks born between 1981 and 1999 are lazy, but we're finding o, they are ao the smartest, according to new study, jen y srted saving for retirement at age 22. there are a host of reasons, one is they have lived throughwo major recessions and seen their parents struggle, and two, most don't believe social security will be around for them. maybe lazy thing is what is motivating the people to save more, and retire earlier than boomer, good for them, that is
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my 2-cents more. that is it for tonight's willis report, thank you for joining us, have a great night, we'll see you back here tomorrow. lou: good evening thank you for being with us, a day of disturbing revelation about the obama administration's abuse of power, contradictory statements by obama administration it may be on set of a constitutional crisis, a defensivend aggressive president today, wildly miscointreauing previous statements by him and his administration regarding the bengzi terror attacks while coming fors first time o a potential crisis involving internal revenue service practice of targeting conservative groups. and pretty much anyone who disagrees with the way that the federal government is being run by the administration.

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